Duration-focused equity and fixed-income exposures have long formed the basis of large institutional portfolios not tied to the future income needs of a single individual or family, but today’s forward-looking institutions are seeking more than “pure beta.”
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A recent survey from TIAA-CREF found that more than half of investors look to short-term performance factors as “the most important indicator of an investment’s return.” With big equity price swings seeming to be a now daily occurrence, the value of advice can’t be overstated.
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The DOL’s fiduciary proposal would make recommending that a participant take a plan or IRA distribution, or recommending how to invest those assets, a fiduciary act. This is a significant departure from the department’s current position under a 2005 advisory opinion.
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